Bank interest rates on March 13: Adjusting interest rates for super-rich customers

MSB Bank adjusts interest rates and stops posting special interest rates

Maritime Commercial Joint Stock Bank (MSB) has just changed its deposit interest rate policy. Specifically, at the end of February, the bank reduced the interest rate by 0.2% for deposits with terms from 1 to 5 months and from 12 to 36 months.

One notable point is that MSB has decided to stop listing special interest rates for customers with a minimum balance of VND500 billion. Previously, this group of customers could receive interest rates of up to 8%/year for a 13-month term and 7%/year for a 12-month term.

Not only that, MSB also stopped applying the preferential interest rate of 6.3%/year for some special customers such as bank employees, customers receiving salary through MSB or priority customers. However, the interest rate for customers depositing money at the counter is still maintained at 5.3%/year for 6-month term and 5.9%/year for 12, 15, 24-month term.

Vikki Bank changes conditions for high interest rates

Besides MSB, Vikki Digital Bank (formerly Dong A Bank) has also changed the conditions for applying special interest rates. Previously, customers with a balance of 200 billion VND or more could enjoy an interest rate of 7.5%/year with a term of 13 months.

However, from March 12, the conditions to enjoy this interest rate have changed significantly. Specifically, customers need to have a minimum balance of up to 999 billion VND to enjoy an interest rate of 7.5%/year, instead of 200 billion VND as before.

Some banks still maintain special interest rates

Although many banks have adjusted their interest rates downward, some banks still maintain high interest rate policies for customers with large deposits.

PVCombank is listing the highest interest rate of up to 9%/year for 12 and 13 month terms, on the condition that customers have a minimum balance of VND2,000 billion.

HDBank applies interest rates of 7.7%/year for 12-month term and 8.1%/year for 13-month term, for customers depositing from 500 billion VND.

ACB listed an interest rate of 6%/year for a 13-month term with a balance of 200 billion VND or more.

LPBank applies an interest rate of 6.5%/year for customers depositing 300 billion VND or more, higher than the normal interest rate of 5.5%/year.

Interest rate reduction trend at small banks

Not only big banks, small banks are also tending to reduce deposit interest rates.

Vikki Bank has just reduced interest rates by 0.1% to 0.5% for terms from 1 to 15 months.

MBV (Modern Vietnam Bank) reduced interest rates by 0.2% for terms from 1 to 3 months and from 18 to 36 months. MBV's highest mobilization interest rate was previously 6.1%/year, but now it is only 5.9%/year.

PGBank also reduced interest rates for the second time in March, with a reduction of 0.1% for terms of 9, 12 and 13 months. Previously, on March 3, the bank reduced interest rates by 0.2% for terms of 24 and 36 months.

Since the February 25 meeting between the State Bank and commercial banks, 20 domestic banks have reduced their deposit interest rates, with the reduction ranging from 0.1% to 0.9% depending on the term. Notably, no bank has increased deposit interest rates during this time.

In March alone, 15 banks adjusted their interest rates down, including PGBank, Viet A Bank, Kienlongbank, Bac A Bank, Eximbank, IVB, LPBank, Nam A Bank, NCB, SHB, VCBNeo, Hong Leong Vietnam, VIB, Vikki Bank and MBV. Among them, Eximbank and PGBank were the two banks that reduced their interest rates twice in just the first few weeks of the month.